The visa or residence and work permit for investors, better known as the “Golden Visa”, grants its holder and family members the right to reside and work in Spain during its period of validity.
This visa or permit is for foreign persons not resident in the EU, EEA or Switzerland, who make a significant capital investment in:
- Financial assets
- Real estate purchases
- Business projects
In this post we will discuss the last case, that is, the possibility of obtaining residence for those who invest in a business project in Spain.
What is this case mainly based on? What are the key points?
Before getting to the heart of the matter, here is a post with details of the Golden Visa in general (what it is, requirements, advantages, who can apply for it, etc.): Obtaining the Golden Visa in Spain
Golden Visa and investment in a business project in Spain
Are you going to develop a business project in Spain that is considered to be of general interest? In such a case you may be eligible to obtain a visa or residence permit for investors.
What is meant by “general interest”? In order for the business project to be considered as such, it needs to comply with at least one of the following conditions:
- It must involve the creation of jobs (the current law does not indicate a minimum).
- It must have a significant socio-economic impact in the geographical area in which the activity is to be carried out.
- It must make a significant contribution to scientific or technological innovation.
Ways to provide proof of your investment in a business project
As we explained and developed in this other post (Types of permits for the Golden Visa), with respect to the Golden Visa, there are two different types of permits that grant their holder the right to reside and work in Spain: the residence visa for investors and the residence permit. The party concerned must request one or the other depending on the country in which they are located.
Given the fact that there are two types of permits, the ways of proving the investment and the requirements that need to be fulfilled in order to obtain one permit or the other vary accordingly.
Visa: ways to prove your investment in a business project
In addition to the general documentation needed for the rest of the application for a visa or residence for investors (economic means, passport, application, medical insurance, criminal record certificate, etc.), the applicant concerned must prove the undertaking of significant capital investment by submitting a favorable report issued by the Economic and Commercial Office of the geographical district in which the visa application is submitted, and by means of which it can be seen that the business project qualifies as of general interest.
This report shall come from the Economic and Commercial Office of the geographical region where the investor is submitting the visa application.
To obtain this report, an application needs to be submitted to the aforementioned body showing a business plan in which the purpose of the business project is detailed.
Residence permit: how to provide proof of investment in a project
If the applicant for a residence permit due to investment in a business project of general interest holds a valid residence visa for investors or is within 90 calendar days of the expiry of the visa, they must prove, in addition to compliance with the general requirements for stay or residence, the following specific requirements for this situation:
- The investor must submit a favorable report from the General Directorate for International Trade and Investment of the Ministry of Economy and Competitiveness stating that the initially accredited reasons of general interest continue to be maintained.
What happens if the applicant for authorization does not have a visa?
If the investor concerned applies for a residence permit for investors while legally in Spain and is not the holder of a residence visa for investors, they must comply with the general requirements for the stay or residence and, in addition, prove a significant capital investment has been made in a business project of general interest.
Do you want a Golden Visa for Spain?
GD Global Mobility are experts in the comprehensive management of the Golden Visa.
We have an expert team in advising and processing visas and/or residence and work permits for investors and their families.
Do you have any questions or do you want to start the procedure for obtaining the Golden Visa?
Contact our team for more information.